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Uganda, sometimes referred to as the “Pearl of Africa,” is working hard to establish itself as the leading tech hub in East Africa. The Minister of Science, Technology, and Innovation, Dr. Monica Musenero, presided over an important investor summit.

The founder of Tripesa, David Gonahasa, directly questioned the assembled investors, asking, “Why aren’t you investing in Uganda?” Gonahasa is a strong supporter of Uganda’s investment appeal. A distinguished panel of investors, comprising Eric Osiakwan of Chanzo Capital, Tobi Oke of V8 Capital, Nela Duke Ekpenyong of Ingressive, Ryosuke Yamawaki of Verod Kepple Capital Africa, and Uwem Uwemakpan of Launch Africa, was present at the summit. Ruby Nimkar, Kunmi Demuren from Greenhouse Capital, Yewande Odumosu from Hoaq Capital, and about 200 other people were also in attendance.

Only two of the over 400 companies these investors manage are in Uganda. Tobi Oke ascribed this to the nation’s lack of visibility among investors, whereas Eric Osiakwan underscored the significance of local investors taking the initiative. During the conversations, Dr. Musenero was observed diligently taking notes.

Following the panel, Dr. Musenero emphasized her strategy of “listening and capturing” in order to convey her desire to establish Uganda as the premier investment destination in the region.

The seeds for this initiative were sown during a Ugandan delegation’s visit to the GITEX conference in Marrakech earlier in May 2023, which took place even before the summit. Gonahasa recollected the instruction from Dr. Musenero to imitate such occasions in Uganda.

Although this is a good start, it falls short of the Ministry of Science, Technology, and Innovations’ expectations. Dr. Musenero addressed the crowd, saying, “We might not start perfectly, but our goal is to find the best approach.”

First-time events like these are rarely perfect, as one investor from Rwanda, Uganda’s rival and host of Norrsken Africa Week, pointed out. Uganda can take inspiration from Rwanda’s achievements, such as the recent beta launch of Paystack and the creation of an East African hub by Flutterwave in Kigali.

But that’s a discussion for another time—how startups should penetrate smaller markets like Rwanda and Uganda. In the end, Uganda’s involvement in this market is a healthy source of competition for the area. In the upcoming months and years, Uganda’s distinct contributions will become more apparent, despite the temptation to draw comparisons with Kenya.